Evidence of meeting #3 for Special Committee on Cooperatives in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was cooperatives.

A recording is available from Parliament.

On the agenda

MPs speaking

Also speaking

  • Claude Carrière  Associate Deputy Minister, Agriculture and Agri-Food Canada
  • John Connell  Associate Assistant Deputy Minister, Strategic Policy Sector, Department of Industry
  • Jeremy Rudin  Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
  • Denyse Guy  Executive Director, Canadian Co-operative Association
  • Marion Wrobel  Vice-President, Policy and Operations, Canadian Bankers Association
  • Stephen Fitzpatrick  Vice-President, Corporate Services and Chief Financial Officer, Credit Union Central of Canada
  • Nicholas Gazzard  Executive Director, National Office, Co-operative Housing Federation of Canada
  • Frank Lowery  Senior Vice-President, Senior Counsel and Secretary, The Co-operators Group
  • John Taylor  President, Ontario Mutual Insurance Association
  • Michael Barrett  Chief Operations Officer, Gay Lea Foods Cooperative Ltd.
  • Bob Friesen  Farmers of North America

10:50 a.m.

Liberal

Mauril Bélanger Ottawa—Vanier, ON

Could you elaborate a bit on that, Mr. Fitzpatrick? How did that work?

10:50 a.m.

Vice-President, Corporate Services and Chief Financial Officer, Credit Union Central of Canada

Stephen Fitzpatrick

There are two entities in the credit union system: Central 1, as Mr. Wrobel referred to, and Concentra, which is based in Saskatchewan. They're both federally regulated, and they have both participated in the mortgage lending programs.

10:50 a.m.

Liberal

Mauril Bélanger Ottawa—Vanier, ON

Do you have a sense of to what extent that was?

10:50 a.m.

Vice-President, Corporate Services and Chief Financial Officer, Credit Union Central of Canada

Stephen Fitzpatrick

I don't have the total number.

10:50 a.m.

Liberal

Mauril Bélanger Ottawa—Vanier, ON

If it's possible to attain that, could you send it to the clerk so that it could be distributed to the members of the committee?

I've been told—and I've had it pretty well confirmed—that the banks paid bonuses last year to their staff and the executives of $9.2 billion. Is that figure accurate, Mr. Wrobel?

10:50 a.m.

Vice-President, Policy and Operations, Canadian Bankers Association

Marion Wrobel

I don't know the number.

10:50 a.m.

Liberal

Mauril Bélanger Ottawa—Vanier, ON

Well, for the top five banks, it's $8.87 billion, and that doesn't include the national, though I expect—

10:50 a.m.

Vice-President, Policy and Operations, Canadian Bankers Association

Marion Wrobel

I would simply point out that within the context of banking, bonuses are part of the compensation system for a wide range of employees. When we talk about bonuses, they're not just for very senior executives. They're for all rank and file....

10:50 a.m.

Liberal

Mauril Bélanger Ottawa—Vanier, ON

But $9.2 billion were paid in bonuses over and above the salaries. Is that correct?

10:50 a.m.

Vice-President, Policy and Operations, Canadian Bankers Association

Marion Wrobel

That could very well be.

10:50 a.m.

Liberal

Mauril Bélanger Ottawa—Vanier, ON

Do you have a similar figure, Mr. Fitzpatrick, for the credit union movement, showing how much it may have paid in bonuses to its executives and staff?

10:50 a.m.

Vice-President, Corporate Services and Chief Financial Officer, Credit Union Central of Canada

10:50 a.m.

Voices

Oh, oh!

10:50 a.m.

Vice-President, Corporate Services and Chief Financial Officer, Credit Union Central of Canada

Stephen Fitzpatrick

I'm sorry, I don't mean to be flippant.

No, we don't collect that kind of information.

10:50 a.m.

Liberal

Mauril Bélanger Ottawa—Vanier, ON

You don't? Wouldn't the members want to know?